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USDA Loans in Selma
Selma qualifies as USDA-eligible territory across most residential areas. This means you can buy with zero down payment if your income falls within program limits.
Most buyers here choose USDA loans over FHA because they avoid the upfront mortgage insurance premium. In a market where every dollar counts, that's $3,000-$5,000 staying in your pocket at closing.
You need a 640 credit score minimum for most lenders we work with. Income limits in Fresno County sit around $103,500 for households up to four people—higher if you have more dependents.
The property must be your primary residence and meet USDA condition standards. No investor purchases, no vacation homes, no exceptions on that rule.
Not every lender handles USDA loans because the paperwork runs heavier than conventional programs. We work with twelve lenders who specialize in these files and know how to move them through underwriting efficiently.
Processing timelines run 30-45 days on average. The USDA must issue a commitment on the property, which adds time compared to FHA or conventional loans.
Most Selma buyers who qualify for USDA choose it over FHA despite the longer timeline. The monthly savings hit $80-$120 because you're not paying that upfront premium back over the loan term.
Check eligibility before you fall in love with a property. We've seen buyers assume a home qualifies based on location, then learn it sits just outside USDA boundaries or exceeds the income cap after adding their spouse's earnings.
FHA requires 3.5% down plus an upfront insurance premium you finance into the loan. USDA needs zero down but charges an annual fee that runs lower than FHA's ongoing premium.
VA loans beat USDA if you're eligible for both—no down payment and no monthly mortgage insurance. But if you're not a veteran, USDA offers the best path to homeownership with minimal cash to close.
Agriculture employment in Selma creates seasonal income patterns that complicate qualifying. We need to average your income over two years, which works better for workers with stable year-round earnings.
Most residential neighborhoods in Selma qualify, but newer subdivisions near commercial corridors sometimes fall outside USDA maps. We verify eligibility in five minutes once you have an address—don't skip this step before writing an offer.
No official price cap exists, but your income determines how much you qualify to borrow. Most Selma buyers hit debt-to-income limits before property value becomes the issue.
Minor repairs work fine, but major issues disqualify the property. The home must be safe, sanitary, and structurally sound at closing per USDA standards.
Expect 30-45 days from application to closing. The USDA property commitment adds time compared to FHA loans that close in 21 days.
Yes, but it runs cheaper than FHA. You pay a 1% guarantee fee upfront (financed) plus 0.35% annually, versus FHA's 1.75% upfront and 0.55%-0.85% annual premium.
Absolutely, but we need two years of tax returns showing stable income. Seasonal fluctuations common in agriculture work can complicate the debt-to-income calculation.
Mortgage financing for independent contractors and freelancers who earn 1099 income instead of traditional W-2 wages.
Mortgage programs that allow borrowers to qualify based on liquid assets rather than traditional employment income.
Non-QM loans that use 12 to 24 months of bank statements to verify income for self-employed borrowers.
Short-term financing that bridges the gap between buying a new property and selling an existing one.
Debt Service Coverage Ratio loans that qualify investors based on a rental property's income rather than personal income.
Mortgage programs designed for non-US citizens and non-permanent residents who want to purchase property in the United States.
Asset-based short-term loans primarily used by real estate investors for property acquisition and renovation projects.
Mortgages that allow borrowers to pay only the interest for an initial period, resulting in lower monthly payments upfront.
Financing solutions tailored for real estate investors purchasing rental properties, fix-and-flip projects, or investment portfolios.
Home loans for borrowers who have an Individual Taxpayer Identification Number instead of a Social Security number.
Adjustable rate mortgages held in a lender's portfolio rather than sold on the secondary market, offering more flexible terms.
Non-QM mortgages that use a CPA-prepared profit and loss statement to verify income for self-employed borrowers.
Home loans with interest rates that adjust periodically based on market conditions after an initial fixed-rate period.
Specialized mortgage programs designed to support homeownership in underserved communities with flexible qualification criteria.
Mortgages that meet the guidelines and loan limits set by Fannie Mae and Freddie Mac for secondary market purchase.
Financing for building a new home or making major renovations, typically converting to a permanent mortgage upon completion.
Traditional mortgage financing not backed by a government agency, offering flexible terms and competitive rates for qualified borrowers.
Innovative loan products that leverage projected home equity growth to provide favorable financing terms.
Government-insured mortgages from the Federal Housing Administration with low down payments and flexible credit requirements.
A revolving line of credit secured by your home equity that allows you to borrow funds as needed during a draw period.
A fixed-rate second mortgage that provides a lump sum of cash by borrowing against the equity built in your home.
Mortgages that exceed the conforming loan limits set by the FHFA, designed for financing high-value luxury properties.
Loans for homeowners aged 62 and older that convert home equity into cash without requiring monthly mortgage payments.
Government-guaranteed mortgages for eligible veterans, active-duty service members, and surviving spouses with zero down payment.